Change in constitution of the firm::

Last updated: 07 September 2007

Court :
HC

Brief :
Held by the Hon'ble court that the firm dissolved and reconstituted was merely a change in constitution of the firm u/s 187 and not a case of succession u/s188. Hence,only one assessment had to be made.

Citation :
C.I.T. Vs. Hindustan Motors Finance Co.

Change in constitution of the firm C.I.T. Vs. Hindustan Motors Finance Co. 21/09/2004 (2005) 276 ITR 382 (All) Case Fact: Whether separate assessments have to be made by the I.T.O on the two returns filed by the firm which was dissloved and reconstitued. Decision: Held by the Hon'ble court that the firm dissolved and reconstituted was merely a change in constitution of the firm u/s 187 and not a case of succession u/s188. Hence,only one assessment had to be made.